How do you rate yourself?

Excerpt from ‘Training Zone’ 01/09/2008

There is no magic formula for working out what to charge clients for your coaching or training expertise but with some coaches now passing the £1m earnings barrier against the backdrop of the credit crunch, should professionals be reassessing their worth? Louise Druce investigates.

The spectre of the credit crunch has been looming large in many sectors, forcing businesses and households to tighten the purse strings. The good news is it seems that the current gloomy economic outlook hasn't yet justified a spike in training and coaching fees – and may not for some months to come.

In fact, the industry is looking fairly buoyant in terms of pay, with the credit crunch having an effect in other ways. According to a state of the sector survey by TrainerBase, the majority of trainers have generally maintained the same rates over the last 12 months and don't expect them to change over the next 12 either. Instead, 75% predict believe their turnover will actually increase, suggesting busier times ahead.

It's a situation Robin Lodge, director of The Institute of Leadership and Management training provider People Development Team, can attest to. "The credit crunch hasn't affected our training fees," he confirms. "We're seeing an expansion of business rather than a reduction because people buying training are looking more critically at what they're getting for their money."

And that is where economic factors could be coming into play. "We've seen new, potential client companies more likely to ask two or three providers to give quotes, whereas perhaps in the past they would go with one provider on a recommendation," says executive coach Linda Aspey, of Aspey Associates. "With existing clients, where there is an ongoing relationship, you would deliver the same sort of value and maybe add some extras you might have charged for before.

"Equally, we're finding people are more consciously choosing to offer coaching to people when times are tough. If a person has a lot to manage under tighter conditions, it's going to cost a lot of time, effort and money to re-recruit for that role if that person is likely to leave, so the investment in coaching to help them through those tougher times is seen as being a good investment."

For the full article, please visit the Training Zone website